Mubasher: The shareholders’ equity rights of National Consumer Holding stood at KWD 8.14 million, with its book value at 90.5 fils, chairman Ahmed Sulaiman Al Khaled said, as reported by Al Qabas Newspaper.

Net losses shrank by 103% or about KWD 192,530 during fiscal year 2017, compared to the prior year, the chairman said, noting that this decline is attributed a drop of nearly KWD 68,020 in gross operating profits.

National Consumer has maintained its market share and overcame temporary challenges instead of withdrawing from the market and decreasing sales volume, Al Khaled said, according to Al Qabas.

He added that sales value increased by nearly KWD 205,760 in FY17, but a decline in profit margin was registered due to the rise in crude materials’ prices.

National Consumer’s higher general and administrative expenses are attributed to establishing a subsidiary in Saudi Arabia. The company started its business by the end of FY17 and its revenues will be registered in FY18 income statements.